I agree Shasta........... time to buy and buy. ;)
Printable View
OEL already has 32.48% & has an option to increase this to 41.24% with a further $US900k expenditure...
I'd be taking up the option ;)
Corporate - He's the guff on Santa Rosa
http://www.ottoenergy.com/IRM/conten...argentina.html
Due to the Galoc Production Company's debt (GPC), Otto's share of the revenue is being paid directly against the "GPC" loan & direct costs.
The cash raised was to fund the upcoming, Gazzata-1 drill, repay debt, & fund working capital.
OEL has 2 large supportive shareholders & OEL has raised a ton of cash over the last 2 years ;)
Nice..... Shasta, Corporate and Oiler :)
Good to see you all onboard now ;) We should have some support tomorrow.....
Great opportunity for many today IMHO...... as longer POO keeps between mid-high 60's and low-mid 70's, it's going to be a beauty for Otto.....
Guys and Girls don't forget that we will have more interesting news from Turkey soon too ;)
btw, Dave Scott - Oromin Expl is pretty positive and excited with the coming drilling at Cuyana Basin ;)
cheers all ;)
Looking bullish for a falling market.....
ASCENT RESOURCES (AST.L) 8.50 +0.62 (+7.94%)
Interesting times ahead perhaps ? ;)
cheers
Well.... I will not tell you what I think.....
I think the wait was a crock......
I'm in for St Rosa now.... far out.....
cheer all
Trader10, the only reference to the date for the St Rosa drill that I can see is at the end of this month (June). Are you able to provide any more detail??
Strat and gaz
As per ann's 2 weeks....
but, you can always to the Oromin guys..... speak to Dave
DScott@mine-tech.com
Absolutely massive volume on Ascent Resources tonight
33,871,532 traded
and they have lost at 4.54 -3.96 (-46.59%) ASCENT RESOURCES (AST.L)
Yeap...amazing hit...... must be a substantial shareholders getting out..... vey high volume....
After all.....most of us thought this was definetely a winner......gosh...... carnage....
We have support that's for sure ;)
St Rosa next stop.........
Im with you all...Quote:
oiler-I agree Shasta........... time to buy and buy.
its not time to bag OEL...
its time to bagger on OEL...
check out NDO...
that has run strong...
:cool:
.^sc
NDO tends to run & OEL follows after for some reason?
I saw your snipe on the CUE thread, OEL already has 6 gas discovery wells to tie up, with varying flow rates, & the price they will get for there gas in Turkey is much higher than what CUE will get :D
From the website...
Otto Energy and its joint venture partners have awarded two contracts for the design and engineering of a gas processing plant and pipeline for the development of the Edirne gas fields in Western Turkey.
The Turkish Energy Market Regulatory Authority (EMRA) has also granted the JV a wholesale gas licence. The JV will be the first to produce and sell onshore Turkish gas directly into the extensive "Botas" gas distribution network, which enables the sale of gas anywhere in Turkey for the best possible price, discount to the Botas price. The Botas gas price was recently raised to YTL519 per thousand cubic metres, which equates to about US$14.70/mcf.
Hi Shasta,
I do agree about the connection and magnetic forces .... lol ;)
And I honestly, see a re-rate for OEL....not only because Philo and Turkey are already a success and perhaps St. Rosa - Argentina........ ;) but, also because of the SP.
And just adding...... I do hold both ;)
I hope you had a nice, relaxing and enjoyable weeekend.......
Here I had "1 million calls" this weekend...........my time was and work, work and more work.....hehehehhehe that's life for us.,.... heheheheheh can't complaint really...... ohhhh yesssss I can..... hehehehehee
catch ya ;)
OEL - New CEO :eek:
http://www.stocknessmonster.com/news...E=ASX&N=450502
Paul Moore now has the reigns at Otto...
His credentials look good, his "options" are out of the money, & he's subscribing for $100k worth of shares @ $0.08...:rolleyes:
Ok, it's above the current SP, but i'd have liked to have seen him pay double digits, as a show of faith!
Ron - Whats the deal with Alex Parks leaving...:confused:
The way the ann was written suggests to me OEL's poor performance has lead to his demise (without saying that of course!)
I thought Alex had done a pretty good job, seeing OEL thru the transition for explorer to producer, & now someone else is brought in?
I get a bit nervy when CEO's/CFO's leave suddenly...
Usually there are extra costs associated with it & some upheaval that's not apparent to the market!
Any hint of bad news surfacing & i'm out...
Can anyone else shed any light on this?
I should mention in the last Annual Report, Alex Park had a beneficial interest over some 6.5m shares...
If he was to sell out, thats about 3 days volume, nothing to be concerned about
All I can say is Austral Pacific Energy had three CEO's in four years and went belly up.
I bought into Otto on the strength of the management, Alex Parks in particular. Usually these swift exits are the result of some major disagreement with the Board over the direction of the Company. The CEO can't get his own way and says, screw you guys I'm outta here. :D
The Board/Mgmt team still looks impressive & the new CEO certainly has the CV worthy of the top job.
However, the "swift" transition with no notice, worries me :rolleyes:
Tells me they had been looking already & that this was planned?
Alex Parks was brought in to take OEL into production & beyond...
He alone is not the cause of the OEL SP slump, what is though:
1. The global recession/credit crunch
2. The typhoon season affecting Galoc Production
3. The Galoc Production Company made some mistakes in the ramp up, which caused delay after delay
4. The price of oil retreating from highs
5. The need for more cash, resulting in further dillution (due to delays)
6. Calauit not going into production on time*
7. Farm out with BHP falling through*
* These may be partially attributable to Alex Parks, but he isn't solely to blame.
Hardly a glowing endorsement by the Board on the way out either :confused:
OEL/NDO - Galoc Update
http://www.stocknessmonster.com/news...E=ASX&N=450626
I've sold all my stake on Otto this morning....
I need the money for another investment....
Good luck all
I will watch St Rosa closely and if it comes good I will be back in....
cheers
Hey trader 10,
what did you buy?
:cool:
.^sc
Emails Ramping the Fock out of this
Shasta Emails from THE DAILY RECKONING AUSTRALIA, MONEY MORNING & MONEY WEEKEND
All content is © 2005 - 2009 Port Phillip Publishing Pty Ltd All Rights Reserved, amongst others all pushing OEL
So is this right?
OEL now have no debt
$13m in the bank
Galoc is pumping 2,500bpd net to OEL (2,500*70/.80*365days) = $79m PA
How much is the argentina drill going to cost OEL?
Seems pretty good for a market cap of $80m
The Galoc field has weather/typhoon issues during this time of the year, & they have just had an extended testing period (no production) to confirm the original reserves etc.
The Santa Rosa drills are a mere ~$US1m each (onshore wells)
From now on the Galoc Production Company should be passing on dividends to Otto, within a month of selling there share of the oil (less costs)
Galoc oil is sold at a small discount to the Brent price (i believe its around $2-3 less. or approx 5%)
Having a a solid day today, a wee rise, looks steady.
Still going up, 8.3 now.
The announcement today, wouldnt put you off from buying?
Tr
Over 19 and a half million shares traded so far today.
Just under 22m shares traded, yet OEL finishes up just 0.1 to 7.8c
Unusually wide range of 7.5 - 8.3c too, something is brewing despite the bad ann, gee these Galoc operators have made every mistake in the book!
http://www.stocknessmonster.com/news...E=ASX&N=451545
OEL starts the trading day strong & like most stocks thru profit taking day traders, end weaks.
Tomorrow will be interesting :rolleyes:
OEL - Drilling Operations Update
http://www.stocknessmonster.com/news...E=ASX&N=451734
Roll on Santa "Monster" Rosa :D
Only drilling to ~1200m
Whilst we wait for the Santa "Monster" drill to hit pay dirt.
Found out the 2 minor partners in Galoc, Alcorn (1.53%) & Petro (1.03%) have sold out to Galco Production Company (~31% owned by OEL) & NDO.
OEL's effective interest has gone from 18.28% to 18.74%
Ok, it's not much but when up & running Galoc WILL BE a cash cow for OEL, allowing them plenty of funds to drill there exciting portfolio.
Still cheap, & if it remains under 7.5c i'll be accummulating ahead of Santa Rosa
hey shasta,
.46% increased exposure to Galoc...
sounds good to me...
roughly how much more oil per year is that?
:cool:
.^sc
Galoc when up & running is spitting out ~13,500* bopd.
OEL share = ~2,460 bopd (@18.28%)
OEL share = ~2,530 bopd (@18.74%)
*Galoc Production rates seem to be 13,000 - 14,000 bopd
Basically the pay back for the extra % is very quick, as the amounts paid were small.
Did ya manage to get some more shasta...is this a big holding for you now?
OEL looks cheap. I've been reading on HC that Santa Rosa is probably only got about 5% chance of success. Have you heard anything different?
Turkey gas scheduled for Q1 2010. How much revenue are we expected from this?
No, haven't bought anymore of anything of late.
I'm probably around 40% NZO, 35% BPT & 25% OEL, so i'm fully diversified :D
You should stop reading HC, seriously it's rubbish - theres half a dozen decent posters there & to be honest there are far better TA & FA posters on here than any other site i've ever been involved with!
Santa Rosa drills are a mere $US1m each, onshore & therefore NOT like the risky offshore deep water wildcats that would justify a 5% COS.
I'm not going to say OEL will strike a monster oil/gas discovery at Santa Rosa because i don't know, it sounds promising enough & that's why i like OEL again.
OEL will use there cashflows from Galoc to explore & develope there portfolio of prospective targets, & there's Calauit* to come online in 2010.
* P2 5.9mmbo, flow rates anticipated ~ 12000bopd, OEL owns 85- 99% of it.
The Santa Rosa drill depth is meant to be 1200 - 1300m so again it's not that deep (BPT & there Geothermal partners are drilling to 4000m onshore, but for hotrocks :eek:)
Turkish gas revenue should be around $US8-10m per year, nice high gas prices over there & i suspect OEL & IPM will drill some more wells nearby to increase the production rates (Shrewd scoffed at the flow rates, so they aren't that flash), but its a profitable, cheap project albeit a smallish one.
Apologies for not replying earlier
OEL - Operations Update
http://www.stocknessmonster.com/news...E=ASX&N=452887
Galoc still not producing due to bad weather - this project has had a really bad run of problems & delays.
OEL should have been getting $US7 - 9m a month in revenues (net of costs ex GPC) & has probably lost $US30 - 50m revenue due to the delays...
Still when it's up & running OEL will be turning out ~2500 bopd, not bad for a first up oil producer.
Thanks for your reply Shasta. Always valued. I'm going to pick up some OEL tomorrow hopefully. Santa Rosa is to big and to soon to miss out. Downside looks fairly limited given cheap drill and current market cap...maybe i'm wrong?
What is the reason for the huge volume going through compared to the recent past? (See attached)
Well OEL's main source of cashflow is Galoc (ex GPC ) so the longer it takes to get up & running, the worse off OEL is.
They would have paid the Gazzata drill costs by now, & should have enough funds meantime.
I can't see OEL going below 6c, as 7c was the rights issue amount, & provides some support at that level.
Once Galoc is producing again (trouble free & with decent weather!), OEL should start is merry climb to 10c & beyond.
Having > 1b shares does mean for every 1c SP increase the Market Cap rises by ~$A10m, which has to be justified at some point!
The Turkish gas assets discovered to date are largely known by the market, so unless they are drilling more appraisal wells i dont expect any "big" news from there.
Santa Rosa is the next big project to spark some life into the OEL SP.
And of course OEL are still actively pursuing a farm down on some of there monster offshore Philipines permits in the Palawan Basin.
They were in discussions with BHP, so i have every reason to believe another major will be running the ruler over there terms of entry.
I really like the long term potential of there Phillipine permits, & i keep a close eye on the other players with permits close by (NDO & KIK).
The right issue was re-adjusted to 5 cents, I think. Anyone?
well said shasta...Quote:
shasta-
No, haven't bought anymore of anything of late.
I'm probably around 40% NZO, 35% BPT & 25% OEL, so i'm fully diversified :D
You should stop reading HC, seriously it's rubbish - theres half a dozen decent posters there & to be honest there are far better TA & FA posters on here than any other site i've ever been involved with!
Santa Rosa drills are a mere $US1m each, onshore & therefore NOT like the risky offshore deep water wildcats that would justify a 5% COS.
I'm not going to say OEL will strike a monster oil/gas discovery at Santa Rosa because i don't know, it sounds promising enough & that's why i like OEL again.
OEL will use there cashflows from Galoc to explore & develope there portfolio of prospective targets, & there's Calauit* to come online in 2010.
* P2 5.9mmbo, flow rates anticipated ~ 12000bopd, OEL owns 85- 99% of it.
The Santa Rosa drill depth is meant to be 1200 - 1300m so again it's not that deep (BPT & there Geothermal partners are drilling to 4000m onshore, but for hotrocks :eek:)
Turkish gas revenue should be around $US8-10m per year, nice high gas prices over there & i suspect OEL & IPM will drill some more wells nearby to increase the production rates (Shrewd scoffed at the flow rates, so they aren't that flash), but its a profitable, cheap project albeit a smallish one.
Apologies for not replying earlier
I like HC though....
anyway,
I did scoff at projected Turkish flow rates, but I did not know that they were getting $14-$15 per MCF as you said...
that is an astonishing price.... it must be getting subsidised....
:cool:
.^sc
Not impressed with the chances of Santa "Monster" Rosa
Why not, the drills aren't too deep & are onshore.
Initial indications were that the area is an oil hot bed?
There's no quarantee they will find a commercial discovery, but the odds are far better than offshore wildcats.
As for some posters on HC saying the COS is 5%, well they should go & do some basic research! (Stock Analysis* gives a 7% COS, but then again they gave Gazatta a 35% COS!).
* They also calculate a NPV of $US3.68/Mcf from the Turkish gas when we know they will be getting > $US13/Mcf - this shonky reporting is inaccurate & misleading IMO.
For OEL this is simply a low risk v high reward project, & any commercial find will catapult the OEL SP to multiples of where it is now
Hey Shasta,
I noticed this report from the operator- http://www.oromin.com/i/pdf/Santa_Rosa_Final.pdf put the COS at santa rosa @ 12% (pp 50-52). You may have seen that though, as I think it was linked in this thread many pages back.
I haven't looked at OEL before but they look interesting, will have to do some research on them.
I'd put it more like 50/50 they find hydrocarbons
30% they find something commercial
10% they hit pay dirt, a > 50mmbo field
The COS %ages are more akin to deep water offshore wildcats, Santa Rosa is on shore, not too deep & in a renouned oil area!
I doubt OEL's SP would even fall if Santa Rosa is a duster...
The market hardly knows about the project!
OEL breaking through 8c at the moment (approx up 10%)
Around 5m volume in the first 2 hours, this is higher than the normal volume, ie last week not one day had 5m+ turnover
Buy depth nearly 2:1 - haven't seen this in a while either
Ann due?
Today's SP action should show a break above the 30 & 90 day ma
The close today above 7.5c, should set up tomorrow nicely
http://www.directbroking.co.nz/cgi-b...=&ind=RSI&ra=2
OEL - Drilling Update
http://www.stocknessmonster.com/news...E=ASX&N=453628
Plain english would be good when announcing drill results, i presume the SP drop is in relation to the poor sub-commercial flow rates in the
Kuzey Ikihoyuk‐1 exploration well
Very short term focus IMO, especially when the Santa Rosa drill is in progress.
Need funds elsewhere at present or i'd be topping up on OEL
Here's a new risk for offshore oilers...
WEATHER & TYPHOONS!!!!!
http://www.stocknessmonster.com/news...E=ASX&N=453996
I've never known a producing field to be offline so frequently!!!
I'm really starting to wonder what i'm doing in OEL...
Santa "Monster" Rosa had better pay off!
Santa Rosa is dry!
Here's the bad news...:mad:
http://www.stocknessmonster.com/news...E=ASX&N=454269
I saw the ann & wanted out @ 7.4c
Had to go out & missed getting it, f*** it
(esp looking at EDE @ 5.4c before the ann :()
Where to from here?
There is 2x the buy depth at present, suggesting 6.6 - 6.7c is the bottom.
Negatives:
1. Gazzata-1 (Italy) - plugged & abandoned - expensive lesson
2. Santa Rosa - plugged & abandoned - cheap drill & thrill
3. Galoc field not in production - very bad
4. No cashflows coming in (i hope OEL have insurance?)
5. Recent CEO change
6. No more drilling program
7. Farm out agreement with BHP lapsed
Positives:
1. Galoc should be up & running again within a week (weather permitting)
2. Mgmt can concentrate on Phillipines & Turkey
3. Gas sales on the horizon
4. Farm outs still in discussions
5. Calauit field still to come online (2010?)
6. Still explosive potential in OEL's deep water Phillipine permits
7. OEL still looks far to cheap IMO.
Hopefully this quarterly will paint a realistic picture & not cover up all the mistakes made, i'm not selling out of OEL - it's still a potential cash cow.
With the July - Sept quarter, just about a 1/3 gone, lets assume it takes another 2 weeks to get Galoc up & running... :o
For this quarter we could still generate 6 weeks revenue.
Lets take the worst case scenerios...
OEL net 2,000 bopd (down from ~3,000 bopd)
Brent Price (less discount) = $US60/bbl
AUS/USD = .83 (equates to $A72/bbl)
2,000 bopd x 42 days = 84,000bopd x $A72 = ~$A6m
Not bad for a worse case scenerio!
I think every body expected santa rosa to be dry i took a small punt yesterday and bought a small parcel. Even with the bad news filtering through i belive there is plenty of upside. This stock has had some rough times and is not yet out of them but as you point out shasta there are just as many positives as there are negatives. With a MC of under A$70 million ive hopped on board for the ride.
Problem being, OEL has alot to like, yet continues to stumble from one disaster to another. :confused:
The quarterly will tell us what cash they have, if they can survive until Galoc is up & running (soonish), then there may be light at the end of the tunnel & this time, NOT a train :rolleyes:
Surely the market has factored in every possible failure at these levels!
OEL - Quarterly Activities & Cashflow reports
http://www.stocknessmonster.com/news...E=ASX&N=455108
Cash on hand = ~$13m :D
The Otto story hangs on it's Galoc production, seemingly all the deep water Phillipine permits won't get an acceptable farm in partner until economic conditions improve.
Smart really no use handing these over for peanuts...:rolleyes:
During the quarter Galoc was flowing at 12,000 bopd (net OEL~2200)
Just gotta hope, no more issues or weather delays this quarter!
yep its all eyes on galoc hopefully a positive announcement this week updating us
Bingo!
Galoc back up & running ;)
http://www.stocknessmonster.com/news...E=ASX&N=456470
that was quick bugger i missd out on 5.9 entry of yesterday
yes they were talking of 1-2 weeks just a few days ago looks as though they will get some decent production this quarter compared to what we thought would happen.
OEL - Philipine Service Contracts - Revisions Granted
http://www.asx.com.au/asxpdf/2009081...8g66q8m4k3.pdf
OEL has done well to secure these permits subject to the minimum work program required.
SC 50 has immense value to OEL as it contains the Calauit* oil discovery
* OEL has an 85 % interest in permit SC50 (looking to farm down though)
I notice OEL don't refer to Calauit anymore :confused:
It's meant to have 2P reserves of 5.9mmbo (flow tested @ 12,000 bopd)
I'll dig out the guff on it :cool:
Interesting article out yeterday about likely dividend soon for otto from gpc and mention of bhp sniffing round in the region
Galoc to start paying Philippines government
Thursday, 3 September 2009
THE Galoc joint venture is poised to make its first payment to the Philippines government since the JV started production last October.
The floating production, storage and offtake vessel Rubicon Intrepid at the Galoc oil field
The Business World Online quoted the Philippines Department of Energy as saying the JV had committed to pay the government $171,226.04.
Energy secretary Angelo Reyes said this proved the Philippines oil and gas industry was a burgeoning enterprise.
“We intend to boost efforts in the upstream industry to reflect the need to utilise indigenous resources and to reduce reliance on imported petroleum.”
Operator Galoc Production Company had repaid all of its debt for the project in June this year, clearing the way for the company to pay out cash dividend payments from oil sales to its owners, which include Otto Energy.
Production from the field was originally due to start in June 2008 but was delayed due to damage to the retrieval line that is connected to the top of the riser.
Since then, production has been interrupted several times by poor weather with the most recent interruption lasting two months after the riser system was damaged.
Galoc has estimated reserves of about 10 million barrels of oil and was producing about 11,000 barrels of oil per day prior to the last shutdown.
GPC holds a 59.84% stake in the field. Otto Energy, which owns 31.38% of GPC, holds an 18.77% interest in the field.
Other partners include Nido Petroleum (22.87%), Oriental Petroleum (7.78505%), Philodrill Corporation (7.21495%) and Forum Energy Philippines (2.27575%).
Meanwhile, BHP Billiton Petroleum has reportedly exercised its option to participate in the ExxonMobil-operated service contract 56 in the Sulu Sea.
The DOE said it had approved BHP’s option to take up a 25% stake in SC56 from Mitra Energy.
Drilling of the first commitment well in the 8500-hectare permit is expected to start this month.
Partners in SC56 will be ExxonMobil (50%), Mitra (25%) and BHP Billiton (25%).
nice little pop today up 10%
still running hard on good volume touched a high of 7.3 today
im not sure how the next quarterly will be ( only one small offtake i belive) but the one after that should show a good cashflow add into the works galoc phase 2 and hopefully no downtime and it should be flying.
Anniversary of First Oil (Galoc) & Reserve Statement
http://www.stocknessmonster.com/news...E=ASX&N=463747
OEL now receiving cheques from GPC, nice :D
yes good to see the first cheque from gpc coming through and should be expecting them like clockwork now one would hope.
2000 bopd
13 mill cash
Turkey gas to come online soon
potentail phase 2 galoc
Perhaps even Caluit
all for a $70 odd million company looking better and better on paper by the day just hope they get through the next few months without a disconnection and it should get a rerate as its coffers fill up.
finished the week at 7.2 looking good with galoc producing 10,800 bopd and the payments coming in from gpc. Wonder if a farm out of some of calauit is on the cards as this must surely be starting to look more viable at these prices.
Galoc oil field operator mulls 2 new wells (http://www.philstar.com/Article.aspx...bCategoryId=66)
By Donnabelle L. Gatdula
MANILA, Philippines - The Department of Energy said yesterday the operator of the Galoc oil field in Palawan may drill two new wells “either for additional production or to keep production at current levels.”
Energy Undersecretary Ramon Oca told reporters that Galoc Production Co. (GPC) and other consortium members of Service Contract 14 in Northwest Palawan is presently assessing seismic data to determine whether to proceed with the additional drilling.
“Galoc might drill two new wells — it could be two appraisal wells. They are still assessing the data. They’re reviewing existing data and the decision to drill two more wells will depend on the results of the review of the data,” Oca said.
The energy official said the Galoc field is presently producing 10,700 barrels of oil per day.
“Even as they are producing now, it generates more new data,” he said.
Australian firm Nido Petroleum Ltd., one of the consortium members, has already raised the possibility of entering the second phase of its oil drilling activities under SC 14.
“The Galoc joint venture continues to assess further facility and subsurface development options for Phase 2 of the Galoc oil field development,” Nido said.
Nido said it is presently updating its reserves assessment of the Galoc oil field to incorporate performance data through the end of September.
“We will advise the market once this work is concluded in early 2010,” it added.
The Galoc consortium, meanwhile, has made its ninth shipment to Korea and the 10th shipment to Thailand, an industry source said.
Its eighth shipment was sold to oil giant Petron Corp. This is the second time the local refiner bought its crude requirement from the Galoc field.
“There is a second cargo bought by Petron,” the source said.
Galoc lies within SC 14 in 300 meters of water, some 60 kilometers offshore of Palawan Island. The Galoc reservoir lies 2,200 meters below the sea floor, with its first production on Oct. 9, 2008.
GPC, which owns 58.29 percent in the consortium, is composed of the Vitol Group (68.6 percent), an international oil company, and Otto Energy Ltd. of Australia (31.4 percent).
Other members of the consortium are Nido with 22.8 percent; Oriental Petroleum and Minerals Corp., 7.57 percent; The Philodrill Corp., 7.03 percent; UK firm Forum Energy Philippines Corp., 2.27 percent; Alcorn Gold Resources Corp., 1.53 percent and PetroEnergy Resources Corp., 1.03 percent.
anybody holding or looking at OEL? is it time for the tide to turn? a bit less bad luck with Galoc this year, and gas to flow in the first quarter in Turkey could see the fortunes of this stock turn around quickly. i have had a skim through this thread and notice there have been a few burnt fingers. anybody still got an iron in the fire? i took a very modest position today at .069.
-j
i forgot to mention that two directors have been made purchases recently, too. always a good sign. moreover, i've just seen it jump to .073 - hopefully the start of things to come...
-j
Im still watching OEL & picked it in the 2010 comp.
I had to sell mine due to an ongoing issue with ASB Sec :mad:
2009 was a total disaster for OEL, but hopefully with a new man in charge things will improve (Nb, the main issues were with GPC not Otto directly)
The Turkish gas had a brillant strike rate, so the chances of finding more gas nearby must be worth an extended drilling campaign.
Galoc phase 2 looks interesting, & and further oil finds can be hooked into the existing setup, although thats for 2011 & beyond.
Any farm in agreement on the deep water Phillipine permits will set OEL on fire, but we have already had a BHP agreement lapse, again this is 2011+
IMHO OEL should build up there cash & fast track Calauit into production.
It flow tested at 7,000 bopd (with OEL 85%, or net 6000 bopd), which would give OEL production @ 8,000 bopd (Galoc 2k, Calauit 6k) + the Gas in Turkey.
The failures to find Gas in Italy, & Oil/Gas in Argentina should remind OEL to stick to the Phillipines (Oil) & Turkey (Gas).
Calauit does look the goods but i think they will have to farm out to fast track the calauit development. OEL certainly are looking undervalued based on the assets they have producing add to this turkey and upside of any exploration/farm out success. Sure OEL had a terrable year last year but hopefully results will speak for themselves this year still cheap buying at these prices we saw what happened to ndo when a farm out was announced it should be a great year if galoc stays online.
cheers, boysy and shasta, i'm happy a couple of people are also keeping an eye on things. that was a great little summary, shasta, and i noticed that you sold out at 48c. if it can get back up to even half those levels i'll be smiling.
if it heads north again today it may accelerate a little by attracting traders seeing the upswing. more than anything, however, i'm hoping the gas comes on line on time (the new CEO's first public test) and that the jinx that appears to have beset Galoc is a thing of the past. this stock has so recently burned so many holders that it needs a run of good news to instil confidence back in the market.
this is a little gamble for me, but i think there is great potential. however, as always, time will tell.
-j
ps i trust you manage to sort your ASB issue out. nothing too serious i hope.